A Guide to Student Finance Jessica Bogic

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1 Jessica Bogic

2 What do I have to pay for? What help is available How to apply How to repay Budgeting and tips

3 What do I have to pay for? Tuition Fees The amount you pay to study at your chosen university Everything Else! Accommodation, Food, Social life, Course materials, travel

4 What do I have to pay for? Universities charge up to 9000 per year Tuition Fees No upfront payment required Finance available for all UK students Government provide Tuition Fee Loan The amount you pay to study at your chosen university

5 What do I have to pay for? Average cost of student living 7000 per year Includes accommodation, food, social life, course materials etc. Government provides a Maintenance Loans and Maintenance Grants Universities provide Scholarships and Bursaries Everything Else! accommodation, food, social life, course materials, travel

6 What help is available? Tuition Fee Loan All UK students eligible to borrow up to 9000 per year of study Paid directly from the Student Loans Company to the university Apply online before starting university Repayments deferred until after graduation Everything Else! Accommodation, Food, Social life, Course materials, travel

7 What help is available? Maintenance Loan All UK students can borrow up to 5,555 per year (slightly more if living in London, slightly less if living with parents) Actual amount is means tested dependent on household income Paid directly from Student Loans Company to the student Apply online before starting university Repayments deferred until after graduation

8 What help is available? Maintenance Grant Available to students with household income under 42,620 Up to 3,387 available, paid directly to the student Actual amount is means tested/on a sliding scale dependant on household income Does not need to be repaid Apply online before starting University If you get the maintenance grant, the maintenance loan will be reduced

9 What help is available? Household income Maintenance Grant Maintenance Loan Total from SFE 25,000 or less 3,387 3,862 7,249 30,000 2,441 4,335 6,776 35,000 1,494 4,808 6,302 40, ,282 5,829 42, ,530 5,580 45, ,341 5,341 50, ,836 4,836 60, ,826 3,826 Over 62, ,610 3, Scholarships bursaries employment family savings

10 What help is available?

11 What help is available? Other sources of funding Childcare Grant can cover up to 85% of childcare costs Parents Learning Allowance help for course costs for students with children Adult Dependents Grant support for those who are carers Child Tax Credits/Working Tax Credits Disabled Students Allowance (DSA) See for more information

12 What help is available? NHS Courses You may be eligible for an NHS bursary if you study: Medicine (from year 5), Dentistry (from year 5), Nursing, Midwifery, Dietetics, Occupational Therapy, Optometry, Physiotherapy, Prosthetics, Orthotics, Radiography, Operating Department Practitioner or Speech and Language Therapy Tuition fees paid by the NHS in many cases Bursaries and grants of around 5,000 per year available for living costs. Some of the usual funding streams also available through England (partial maintenance loan) See nhsbsa.nhs.uk/student for more information

13 What help is available? Scholarships and Bursaries Universities offer scholarships and bursaries to help with both living costs and tuition fees Usually given to: High academic achievers Students from low income families Students with special circumstances Do your research when applying:

14 How to apply Apply in the Spring before you start university (use best case scenario) Applications handled by England All done online Apply for tuition fee loan, maintenance loan and maintenance grant in same application Apply for scholarships and bursaries directly to universities NHS courses will receive details once holding offers Top Tip agree to share information with other institutions

15 How to apply What you need to complete the application: Passport (having a valid passport number speeds up the process but isn t essential) University and course details Bank account details National insurance number Sponsors contact details (usually parents/carers) names and s About 30 minutes!

16 Repayment After graduation, tuition fee loan and maintenance loan are treated as one loan Repayments start in the April after graduation once the graduate is earning over 21,000 Repayments are calculated according to the graduate s earnings at a rate of 9% of the amount which is earned above the 21k threshold (income contingent) Repayments are calculated by HMRC and the employer and deducted at source from the graduate s wages

17 Repayment Salary Amount from which 9% is calculated Annual student loan repayment Monthly student loan repayment 20, ,000 1, ,000 3, ,000 6, ,000 9, ,000 15,000 1,

18 Repayment FAQs answered! If the graduate s salary drops below 21k at any point, repayment stops automatically Student loans will be written off after 30 years Student loans do not appear on credit files Interest is charged on the loan at a rate of RPI plus up to 3% (dependent on earnings) No penalty for making early repayments

19 Budgeting and Tips Extra sources of income Part-time job at university Full-time job during the holidays Internships and placements Savings Bank of mum and dad??

20 Top 10 money saving tips Don t buy all of your books Pre-book trains and get a railcard! Do you need your car? Socialise during the week Avoid Convenience stores Own Brands Best! Avoid Credit Cards Choose bank account wisely Bargain hunt

21 Top 10 money saving tips Do you need your car? Avoid Convenience stores Avoid Credit Cards Use your Student Card!

22 Useful websites Martin Lewis Money Saving Expert Avoid Credit Cards Avoid England Convenience stores Official Information Do you need your car?

23 Any What is the personal statement? What to include Structure questions Examples and tips Further help and advice